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CITY OF <br /> BUSINESS SUBSIDY POLICY <br /> AND JOBZ BUSINESS SUBSIDY POLICY <br /> ,2004 <br /> I. INTRODUCTION AND DEFINITIONS <br /> This Business Subsidy Policy (the "Policy") is adopted for purposes of Minnesota Statutes, Sections 116J.993 <br /> through 116J.995 and as may be amended, (the"Business Subsidy Act") and Minnesota Statutes, Sections 469.310 <br /> through 469.320 and as may be amended(the "Job Opportunities Building Zone Act"or"JOBZ Act," and with the <br /> Business Subsidy Act,the "Acts"). Terms used in this Policy are intended to have the same meanings as if used in <br /> the Acts, and any amendments or modifications to the Acts shall amend or modify the definitions and terms of this <br /> Policy without any further action of the City. This Policy shall apply only with respect to subsidies granted under <br /> the Acts if and to the extent required thereby. <br /> Every potential business subsidy project within the City of (the"City")will be evaluated according <br /> to this Policy and the criteria set forth herein. <br /> A. Business Subsidy Generally. A Business Subsidy, as further defined herein and in the Business Subsidy <br /> Act shall include, but not be limited to one of the following types of subsidies provided by the City: <br /> 1. Loan, <br /> 2. Grant, <br /> 3. Tax abatement, <br /> 4. TIF or other tax reduction or deferral, <br /> 5. Guarantee of payment, <br /> 6. Contribution of property or infrastructure, <br /> 7. Preferential use of governmental facilities, <br /> 8. Land contribution, or <br /> 9. Other specified subsidy. <br /> A Business Subsidy does not include assistance of less than $25,000, business loans or loan guarantees of <br /> less than $75,000, assistance generally available to all businesses, housing assistance, or any other type of <br /> assistance specifically excluded in the Business Subsidy Act. <br /> B. Job Opportunities Building Zone (JOBZ) Business Subsidy. Under the JOBZ Act, a Business Subsidy <br /> includes the subsidy provided through the following set of tax benefits to certain qualified businesses: <br /> 1. Exemption from individual income taxes, <br /> 2. Exemption from corporate franchise taxes, <br /> 3. Exemption from state sales and use tax and any local sales and use taxes on qualifying purchases, <br /> 4. Exemption from state sales tax on motor vehicles and any local sales tax on motor vehicles, <br /> 5. Exemption from property tax, <br /> 6. Exemption from wind energy production tax,and <br /> �. 7. Jobs credit. <br />